Rates hold only delaying inevitable cut say manufacturers

Whilst stark rises in oil and commodity prices have given businesses as well as the Bank cause for concern, EEF believes that mounting threats to business and consumer confidence mean that interest rates will almost certainly need to be cut again in June.

Commenting, Peter O’Grady, Head of Representation at EEF West Midlands, said:

“The economy has been through a series of shocks since the credit crisis hit last summer and the Bank has been right so far in responding with a measured approach on rates. However, despite concerns on inflation, further cuts to interest rates are needed to prevent the economy from drifting towards recession.”

EEF West Midlands is the largest employers’ association in the region , representing primarily engineering, manufacturing and technology-based organisations . Serving its member companies is a team of over 160 staff providing a wide range of experience and expertise.

Their HR and Legal team supports and advises on HR issues including employment law and employee relations and handles hundreds of employment tribunals for their members annually. Safety and Environmental Services, the health and safety division of EEF West Midlands, also provides expert support to its members.

At their Technology Centre in Birmingham and the Conference and Training Centre in Leamington Spa, EEF West Midlands help develop the workforce required for businesses to succeed at all levels. This includes training 80% of all engineering apprentices in the Birmingham and Solihull area through to management development and nationally accredited courses for health, safety and environmental practitioners.

Nationally and across the region, EEF provides a powerful voice for its members